The Senate on Tuesday confirmed the appointment of Professor Melvin Damian Ayogu as a member of the Central Bank of Nigeria (CBN) Board of Directors following the consideration of a report by the Senate Committee on Banking, Insurance, and Other Financial Institutions.
The report was presented by Senator Osita Izunaso (APC, Imo West) on behalf of the committee chairman, Senator Adetokunbo Abiru (APC, Lagos East), who was absent due to his participation in Umrah. Ayogu, an indigene of Enugu State and a Professor of Economics at the University of Cape Town, South Africa, was nominated by President Bola Tinubu last week in accordance with Section 10(1) of the CBN Act (2007).
President Tinubu’s request, read during plenary by Senate President Godswill Akpabio, emphasized that the nomination complied with Section 6 of the CBN Act, which outlines the composition of the bank’s board.
The confirmation proceeded without objections, marking another step in the administration’s efforts to strengthen the CBN’s governance amid ongoing economic reforms. Ayogu’s extensive expertise in global finance and development economics is expected to contribute significantly to the apex bank’s policymaking and oversight functions.
